Breaking: Massive Bitcoin ETF Inflows As Supply Dynamics Pushing BTC Price Towards $55K

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Bitcoin ETFs Saw $520M Inflow As BTC Price Rally Eyes $60K – Crypto News

Published

2 years ago

February 27, 2024

Dripp

Spot Bitcoin ETFs started the week strongly with another major day, recording an inflow of $520 million on Monday. The massive inflow came on the back of bulls going super bullish on bitcoin, pushing BTC price to rally past $57,000. CoinGape earlier reported that a supply shock before Bitcoin halving will result in BTC surpassing $55K in no time.

Spot Bitcoin ETFs Records $520 Million Net Inflow

The net inflow for spot Bitcoin exchange-traded funds (ETF) was $520 million on February 26, according to data by Farside. Almost all nine spot Bitcoin ETFs recorded massive inflow and Grayscale’s GBTC witnessed another drop in BTC outflow, indicating strong bullish sentiment among retail and institutional investors.

BlackRock (IBIT) recorded a record inflow of $111.8 million, with the net inflow hitting $6 billion. BlackRock Bitcoin ETF now has asset holdings reaching nearly $7 billion. However, the Fidelity Bitcoin ETF was the star of the day.

Fidelity (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF saw $243.3 million and $130.6 million, respectively. Bitwise (BITB), VanEck (HODL), and others also saw substantial inflows amid bullish sentiment.

Moreover, GBTC saw a $22.4 million outflow, an increase from Friday’s 51.8 million outflow, but it is aligned with last week’s range. Bloomberg ETF analyst James Seyffart noted that this is the record low outflow for the fund. The record volume of $3.84 billion and net inflows ripped through $55k to beyond $57k in less than 30 minutes.

Spot Bitcoin ETF inflow — Source: Farside

Also Read: Ethereum (ETH) Price Up 5% As Layer-2 DeFi TVL Hits $30 Billion

BTC Price Shoots Past $57,000

The FOMO is at its peak as Crypto Fear and Greed Index again hit 79 (Extreme Greed) on Monday from 72 on Sunday. It’s a pivotal moment as traders’ interest in BTC is extremely high. Experts predicted BTC price to hit $60,000 before bitcoin halving.

The rally came after MicroStrategy announced the acquisition of approximately 3,000 additional tokens this month. With this latest purchase, the company’s Bitcoin holdings now reach 193,000.

BTC price skyrocketed its way to a market value as high as $57,250, reaching within 19.9% of the $68.6K high established 27 months ago. The price is currently trading at $56,325, up over 10% in the last 24 hours. The 24-hour low and high are $50,931 and $56,728, respectively. Furthermore, the trading volume has increased by a huge 230% in the last 24 hours, indicating a rise in interest among traders.